Ionis Stock Drops 12% on Pricing of $500M Common Stock Offering

Ionis Pharmaceuticals (IONS) announced that it is floating a secondary issue of 11.5 million shares of its common stock to the public at an issue price of $43.50 per share, amounting to nearly $500.3 million. The company also granted an option to underwriters of the issue to purchase an additional 1.725 million shares at the same price. The secondary offering is expected to close today. Buy Why Did IONS Stock Fall? Ionis' shares fell more than 12% on Tuesday after the announcement. Though the issue does not ...